SITIME Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>SITIME Corp has submitted its 2023 annual 10-K filing detailing its financial performance and business operations.</b>

AI Summary

SITIME Corp (SITM) filed a Annual Report (10-K) with the SEC on February 26, 2024. SITIME Corporation filed its annual report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 5451 Patrick Henry Drive, Santa Clara, CA 95054. SITIME Corp's SIC code is 3674 for Semiconductors & Related Devices. The report was filed on February 26, 2024.

Why It Matters

For investors and stakeholders tracking SITIME Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of SITIME Corp's financial health, operational activities, and strategic positioning for the fiscal year 2023. Investors and analysts can use this document to assess the company's performance, identify potential risks, and make informed investment decisions regarding SITIME Corp.

Risk Assessment

Risk Level: medium — SITIME Corp shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. However, the lack of specific financial performance data within the provided header information prevents a more granular risk assessment.

Analyst Insight

Review the full 10-K filing for detailed financial statements, management discussion and analysis, and risk factors to understand SITIME Corp's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Fiscal year end date)
• 2024-02-26 — Filing Date (Date the 10-K was filed)
• 3674 — SIC Code (Standard Industrial Classification code)

Key Players & Entities

• SITIME Corp (company) — Filer name
• SITIME CORPORATION (company) — Business address
• 5451 PATRICK HENRY DRIVE (location) — Business address
• SANTA CLARA (location) — Business address
• CA (location) — Business address
• 95054 (location) — Business address
• 408-328-4400 (phone) — Business phone

FAQ

Industry Context

SITIME Corp operates in the Semiconductors & Related Devices industry, a sector characterized by rapid technological advancements and global supply chain dynamics.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business and financial condition.

What Investors Should Do

1. Analyze the full financial statements within the 10-K for revenue, net income, and cash flow trends.
2. Examine the Management's Discussion and Analysis (MD&A) section for insights into the company's strategy and outlook.
3. Review the Risk Factors section to understand potential challenges and uncertainties facing SITIME Corp.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-26: Filing Date — Date SITIME Corp filed its 2023 10-K.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing. Comparative data from previous filings would be available within the full document.

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value per share SITM The Nasdaq Sto
• $117.97 — gistrant's common stock on such date of $117.97 per share. The number of shares of Reg
• $10 billion — he total timing market is approximately $10 billion in size. Since our founding, we have fo

Filing Documents

• sitm-20231231.htm (10-K) — 1745KB
• ex1025offerofemployment-be.htm (EX-10.25+) — 31KB
• ex1026retirementagreement-.htm (EX-10.26+) — 39KB
• ex1030secondamendmenttoagr.htm (EX-10.30+) — 4KB
• ex1034offerofemployment-sa.htm (EX-10.34+) — 11KB
• ex211listofsubsidiaries.htm (EX-21.1) — 7KB
• ex231consentfrombdo.htm (EX-23.1) — 2KB
• ex311123123.htm (EX-31.1) — 10KB
• ex312123123.htm (EX-31.2) — 10KB
• ex321123123.htm (EX-32.1) — 5KB
• ex322123123.htm (EX-32.2) — 5KB
• ex971-sitimecorporationinc.htm (EX-97.1) — 36KB
• sitm-20231231_g1.jpg (GRAPHIC) — 114KB
• 0001451809-24-000052.txt (&nbsp;) — 9174KB
• sitm-20231231.xsd (EX-101.SCH) — 65KB
• sitm-20231231_cal.xml (EX-101.CAL) — 98KB
• sitm-20231231_def.xml (EX-101.DEF) — 257KB
• sitm-20231231_lab.xml (EX-101.LAB) — 790KB
• sitm-20231231_pre.xml (EX-101.PRE) — 540KB
• sitm-20231231_htm.xml (XML) — 1219KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 15 Item 1B. Unresolved Staff Comments 39 Item 1C C ybersecurity 39 Item 2.

Properties

Properties 40 Item 3.

Legal Proceedings

Legal Proceedings 40 Item 4. Mine Safety Disclosures 41 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 42 Item 6. [Reserved] 44 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 45 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 54 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 55 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 86 Item 9A.

Controls and Procedures

Controls and Procedures 86 Item 9B. Other Information 90 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 90 PART III Item 10. Directors, Executive Officers and Corporate Governance 91 Item 11.

Executive Compensation

Executive Compensation 91 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 91 Item 13. Certain Relationships and Related Transactions, and Director Independence 92 Item 14. Principal Accounting Fees and Services 92 PART IV Item 15. Exhibits and Financial Statement Schedules 93 Item 16. Form 10-K Summary 97 i Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS The information in this Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are subject to the "safe harbor" created by those sections. We may, in some cases, use words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "objective," "plan," "potential," "predict," "project," "should," "will," "would," or the negative of those terms, and similar expressions that convey uncertainty of future events or outcomes to identify these forward-looking statements. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking statements. Forward-looking statements in this report include, but are not limited to, statements about: our plans to focus on oscillators, clock ICs, resonators and timing synchronization solutions and to aggressively expand our presence in these markets; our expectations regarding our ability to address market and customer demands and to timely develop new or enhanced solutions to meet those demands; anticipated trends, challenges and growth in our business and the markets in which we operate, including pricing expectations; our expectations regarding our revenue, average selling prices, gross margin, and expenses; our expectations regarding the effects of macroeconomic events in 2024; our expectations regarding dependence on a limited number of custom

Business

Item 1. Business Overview The ability to accurately measure and reference time has been essential to humankind's greatest inventions and technological advances. Timing technology has continued to evolve over centuries, forming a critical aspect of broader technological evolution. Timing is the heartbeat of digital electronic systems, ensuring that the system runs smoothly and reliably by providing and distributing clock signals to various critical components such as central processing units, communication and interface ICs, and radio frequency components. As electronics evolve to deliver higher performance levels, even in increasingly challenging environments, while also being more complex and size-constrained, we believe they will require more sophisticated semiconductor-based timing solutions that cannot be developed in legacy quartz crystal-based technologies. Precision timing, a category that SiTime created ("Precision Timing"), fills this need with the performance, power, size, and cost that is required by these new applications. We are a leading provider of Precision Timing solutions to the global electronics industry. Our Precision Timing solutions are the heartbeat of our customers' electronic systems, providing the timing functionality that is needed for electronics to operate reliably and correctly. We provide Precision Timing solutions that are differentiated by high performance, high resilience, and high reliability, along with programmability, small size, and low power consumption. Our products have been designed into over 300 applications across our target markets, including communications, datacenter and enterprise, automotive, industrial, aerospace, mobile, Internet of Things ("IoT"), and consumer. Our current solutions include various types of oscillators, as well as clock integrated circuits ("ICs") and resonators. Our all-silicon solutions are based on three fundamental areas of expertise: micro-electro-mechanical systems ("MEMS"), analog mixe

View Full Filing

View this 10-K filing on SEC EDGAR